Verici Dx is targeting cash flow breakeven by the end of 2027 after raising £8.75 million to accelerate the US commercial rollout of its kidney transplant diagnostic technology.
Chief Executive Sarah Barington said the funding will primarily support sales and marketing, enabling the company to increase its presence across US transplant centres and convert growing clinical adoption into recurring revenue.
Verici Dx currently supplies 36 of the approximately 180 kidney transplant centres in the US, representing around 20% of the addressable market. These centres account for more than 23% of the country’s kidney transplant patient population.
The company’s lead product, Tutivia, uses RNA signatures and artificial intelligence to identify biological changes associated with kidney transplant rejection. Unlike traditional injury-based tests, it is designed to provide earlier and more specific information, helping clinicians monitor patients and adjust immunosuppressive treatment.
Barington said adoption is increasing within existing centres, with clinicians moving from initial testing towards repeated use and wider integration into clinical protocols.
Based on current protocols, the company estimates that each transplant patient could require an average of approximately 12 tests over an 18-month period. Testing supports routine monitoring as well as investigations when clinicians suspect complications or need to assess changes in treatment.
Verici Dx is also seeing shorter sales cycles. Processes that previously took around six months are now taking approximately three months, with one centre progressing to wider clinical adoption within a month and becoming the company’s third-largest ordering centre.
The company estimates its total addressable market at approximately $900 million. Around one-third is currently served by established technologies, while another third represents patients for whom existing tests may be unsuitable or insufficiently specific. This includes patients experiencing delayed graft function, infections and complications involving previous transplants.
The remaining market provides an opportunity to compete with established testing technologies as transplant centres manage increasingly complex patients.
The £8.75 million fundraising provides funding to expand the commercial operation and reach breakeven without further equity financing. Verici Dx currently has four sales representatives and is recruiting another two. Management estimates that 12 to 15 representatives will eventually be required to cover the US market.
Barington said the company needs approximately 7,000 orders annually, equivalent to 1,750 per quarter, to reach cash flow breakeven. Based on the growth achieved in its more established sales territories, management believes this target is achievable by the end of 2027.
Verici Dx Plc (LON:VRCI) is developing a complementary suite of proprietary, leading-edge tests forming a kidney transplant diagnostics platform for personalised patient and organ response risk to assist clinicians in medical management for improved patient outcomes.
